As a hypothetical John Snow would have put it: "the winter is going away". The crypto winter, that is.
And boy, it's been a cold and harsh winter in the crypto land. The shrinkage was dramatic, with the king of tokens, Bitcoin, going as low as $6,000, after reaching as high as $20,000 just a couple of months ago.
But nothing lasts forever. Not even a harsh shrinkage.
Today Bitcoin pierced through $11,000 and the total market cap of cryptos climbed again after half a trillion. Chinese New Year is already behind us and there's a lot of positive expectation in the air.
It's quite easy to get carried away and expect that the following period will copy the last years pattern - which is to keep climbing from this point on. As I do believe this is the tendency, I also believe we live in a very different world now, compared with, let's say, last year.
We have regulations coming in, Bitcoin futures (which is not a very positive thing for the price, mind you), ICO rules and bans, scams going down the toilet (BitConnect) and a lot of mainstream publicity for Bitcoin itself, which tends to become famous because, well, it's famous.
The winter that just ended (in the crypto world, not outside, where it's still ugly and cold, at least in the part of the world I'm in now) also took with it a lot of hype. People are starting to see clearer which currency is just a scam and which one is here to stay, they are getting better at spotting "pump and dump" schemes and, overall, they are less prone to "just dive in".
So while the ride may still getting us higher, I reckon it may do so at a slower pace this year.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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I saw it at 11K other day as well then fell down to 10K . I wish we could see it around 15 K again , very soon
During the bearish crypto market many predicted the demise of Bitcoin and crypto-currencies, when BTC touched $6,500 . There was a considerable measure of FUD about goings on in South Korea, which ended up being a false caution with respect to a potential boycott. Even in India, which turned out to be rumor. Now after Chinese New Year has passed, we can expect all crypto's to be back to bullish sentiment!
LN has to work and be mass adopted or bitcoin i am afraid will go down in the meantime feast your eyes in my chainmon card here :)
Better view here: https://steemit.com/card/@sames/chainmon-first-card-is-here
I making the whole series on the top 200 non scam crypto.
What we need is slow and steady for a while. The large crash after xmas scared a lot of people and saw the shitcoins fall away.
What we need is solid investment in the coins which will be the long term future of the blockchain. It would be great to see coins like steem develop steadily and add more infrastructure to the blockchain which will be a lot better for us in the long term in terms of profit and sustainability.
well after a hard time and as you said, The winter that just ended in the world of crypto, actually people are now in better position to judge after its been years passed the cryptos introduce, now they know well what currency good for investment.
Your analysis always so precisely, indeed and helpful, after all, you have a deep experience in the blockchain now, and in my little bit experience, i think crypto is the future, how rapidly in involve and evolve every passing day.
Thanks for your contribution its worth to us a lot...
Blessed You..
Steem On....
I believe that alt coins like ethereum classic, lite coin, ripple and of course steem with have unprecedented growth this year...They are still undervalued and I see a lot of growth potential here.
Not very sure about bitcoin...
Since, last 2 days i have been eagerly refreshing to see this (bitcoin reach 11000$) happen and i am glad this happened finally. I hope it goes back to 14k to 15k dollars soon.
I definitely agree with you. A very quick rise in value might discourage newcomers from buying at expensive prices. I would rather see BTC stabilize at this level up to below 20k until features such as the Lightning Network will become fully implemented without any problems.
It feels like forever since Bitcoin was 20k. May be some people who bought when it was higher and are hoping to see that again. I've never had enough to worry about that.
Interesting. Thanks for writing about this stuff in such a way that us less well informed can understand. Also, for giving the historical perspective. That is missing from a lot of posts. 😊
Well I would say the slower the better , what will it profit us to go so fast and crash again. If going slowly and continuously to $100,000 is what bitcoin needs to succeed then let it be...I prefer it that way. $11,000 is good news but I believe it can do better .
It's a different world for sure, even one short year later. The increasing number of people coming to crypto, and the beginning acceptance from traditional finance could make this year even better than 2017 though. There is a lot more money waiting to get into crypto than there ever has been in the past, and like you said above, people are better now at recognizing scams and pumped coins, which means the solid coins will be even better opportunities now.
Let's get to spring and rebirth !
Thanks for your valuable and Didactive post.
We can take out a lot of information by your post.
By dint of we can increase our skill that is beneficial for all steemians.
I will always visit your site & wait for your upcoming post.
Thanks .
@Resteem & follow has done.
Good post my friend
You have provided information to me and other steemit friends
Great information about bitcoin..thank you for the analysis. I worry that an increase of this speed is not good for us..
hopefully will improve again like a few months ago.
good awill.. good
as always, THE GROUND RULES: hope for the best, and prepare for the worse...keep mining in STEEMIT, you will be what you will be...
Everything is becoming digitized so crypto currencies will definitely have the day. The rise is slowly but surely
Very nice post .
.it's resteem by @mrs.roy
Follow us for resteem
Thanks for this wonderful information Friend
It surprised me to see in a recent post of @ivanli that any user can now try Lightning Netwotk's test network. Whether one believes Bitcoin Core to be the real Bitcoin or not, when Lightning goes live wall st should expand cap which should raise BTC in at least the short term in my opinion.
Its a grate pleasure to have such informed person on the forum. Crypto currencies as a matter of fact had really gone up but when they dropped, some people lost hope. Am glad it is now going up again
Bitcoin back in the business yay :D
Seems like we are just back to the slow climb back up to the top :).
I think Bitcoin will need a reason to continue to grow much past the $12,000 to $13,000 range. Lightning Network may be that reason.
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